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Investing.com - Truist Securities initiated coverage on Rapport Therapeutics (NASDAQ:RAPP) with a Buy rating and a $44.00 price target on Tuesday. According to InvestingPro data, analyst targets for RAPP range from $34 to $77, with the stock currently trading at $24.73.
The firm cited Rapport’s focus on central nervous system (CNS) treatments, particularly its lead program targeting focal onset epilepsy (FOS), which represents a market worth over $10 billion annually. The company maintains a strong financial position with a current ratio of 22.75, indicating robust liquidity to fund its development programs.
Rapport’s platform technology centers on auxiliary proteins for key CNS receptors that could provide spatial specificity in inhibiting AMPAR, a validated target for epilepsy treatment, potentially advancing precision medicine for epilepsies and neuropsychiatric conditions.
The company recently reported first-in-patient open-label Phase 2a results on September 8, which Truist Securities indicated demonstrated proof of concept, noting the "impressive" magnitude and speed of seizure reduction from the company’s RAP-219 treatment.
Truist projects that RAP-219 could achieve over $1 billion in peak sales by 2038 in the focal onset epilepsy indication alone.
In other recent news, Rapport Therapeutics announced a public offering of 9,615,385 shares of its common stock priced at $26.00 per share, aiming to raise approximately $250 million. The company has also provided underwriters a 30-day option to purchase additional shares. This financial move follows positive clinical trial results for Rapport’s epilepsy drug candidate, RAP-219, which demonstrated significant efficacy in reducing seizure-like events in patients with focal onset seizures. The strong trial data has led to several analyst firms updating their outlooks for the company. H.C. Wainwright increased its price target for Rapport Therapeutics to $34, maintaining a Buy rating, after observing positive outcomes from an open label study. Similarly, Stifel raised its price target to $56, citing the impressive results from the Phase 2a trial. TD Cowen also reiterated its Buy rating, highlighting the drug’s success in achieving its primary endpoint with an 85% response rate. These recent developments reflect growing confidence in Rapport Therapeutics’ ongoing clinical efforts.
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